Obama has definitely walked into office with a lot of things on his plate, and consumer credit debt has to be one of the top priorities.

As a society, Americans are pretty deep in credit card debt, and once you fall even one payment behind, you are asking for big trouble. While the current recession has led to banks bringing in fewer dollars, it has also been a golden chance for them to be abusive to loyal customers.

The word in the rumor mill is that Senator Schumer is in talks with Citigroup (NYSE: C) to get its backing for legislation that would allow judges to set new repayment terms for millions of mortgage holders who end up in bankruptcy court. Legislation to this effect was introduced this week.

It is hoped that Citigroup's lead on this issue will encourage other banks to join in backing the proposed legislation.

Plans to lower interest rates are helpful but may not stabilize the housing market because banks have tightened their lending standards making it more difficult for prospective buyers to get a mortgage. In addition, it does not help those who are already in foreclosure.

Foreclosures are fueling a downward spiral in home prices. Any legislation to stem this tide is a step in the right direction.

Meanwhile, pending home sales dropped to their lowest level since 2001 when the data was first collected.

Do you think this move will stem the foreclosures?

MAJOR PAPERS:

• Negotiations continued last night on a new labor agreement between Chrysler and the UAW, but it is unclear if an agreement will be reached by today's 11am deadline, reported the Wall Street Journal (subscription required).
• MGM Mirage (NYSE: MGM) is today expected to announce plans to build a $5B resort in Atlantic City, NJ that will be completed in 2012, reported the Wall Street Journal.
• The CEO of Swiss pharmaceutical company Roche Holding (OTC: RHHBY), Franz Humer, said he has no intention of increasing his company's $75 per share bid for U.S. diagnostics company Ventana Medical Systems (NASDAQ: VMSI), and is "very confident" that the offer will succeed, reported the Financial Times (subscription required).

OTHER PAPERS:

• Crain's Chicago Business reported that Aon Corporation (NYSE: AOC) has won back the insurance brokerage business of Sears Holdings Corporation (NASDAQ: SHLD).

WEBSITES:

• Harry Reid, the Senate Majority Leader, confirmed that there's little chance this year -- due to a crowded legislative calendar -- that there will be legislation to increase taxes on the private equity industry, reported TheDeal.com (subscription required).

So you've had a new baby. Congratulations! Now put that thing down and get back to work or we'll dock your pay.

That's the subtle message being insidiously delivered to working moms nation wide. Now there's a social / political action group actively working to change that scenario. A report provided by CNN Money.com reveals that Moms Rising, a well organized group with increasing power, has amassed a membership of nearly 80,000 since May of 2006. I would call that a bit of a ground swell. They are "taking it to the streets" and to the legislators and to the unions and, they intend, to the board rooms. They don't want to toss their babies aside in pursuit of wages after giving birth. They are demanding that this nation's employers take notice of the extreme value of properly raised children and they're tired of paying an unfair price for recognizing that truth.

Moms Rising Executive Director, Kristin Rowe-Finkbeiner states that US employment policies are lacking and unfair in the way they address middle and lower class working families dealing with child rearing issues. I think she's right and she has the statistics to support that position. A Cornell University study has shown that mothers of professional status were 44% less likely to be hired when compared with their non-mother counterparts and that they would be offered as much as $11,000 lower starting salaries on average. Moms Rising seeks to make family status a taboo matter when being considered for a job. It's not right that your status as a parent would count against you if you're the most qualified applicant for a position. Remember that single and divorced dads figure into this situation also. Given the vast and varied custody arrangements floating around these days, being a child's part time care giver shouldn't count against daddy either.

The major area of focus for Moms Rising is paid leave for addressing child care and rearing issues. This is a hotbed of contention and will most likely require serious pressure and lobbying from more than one group. This is why Moms Rising encourages and supports all positive means of activism which are undertaken by their members and any interested satellite organizations. Moms Rising sees no differentiation between social or economic classes when it comes to fair treatment and compensation for those individuals who are raising children. This is about parents not being penalized for having kids. It's that clear and it's that simple.

I for one don't much have to deal with the problem of sacrificing pay to care for my child. My employer has made it clear that raising children is done at your own peril. They won't compensate one cent for absences involved with child rearing, unless you use your own vacation time for it. I'm one of the lucky ones here. My lovely wife is a stay-at-home mom. I guess there are certain advantages to childcare being so outrageously expensive and wages being so low that it's impractical and unaffordable for my wife to go back to work outside the home.

Now ain't that just a kick in the head.